Thursday, June 20, 2013

The entrepreneurial spirit is often difficult to define let alone
examine in detail because of its perception as a highly creative and
dynamic entity and it is with this caveat that this article is written.

Whilst
the entrepreneurial spirit can be applied to a wide range of
disciplines and professionals it is perhaps most closely associated with
the world of business and incorrectly used to describe many successful
business people, when in fact very few individuals can truly demonstrate
an entrepreneurial spirit.

Historical Context of the meaning of entrepreneur

The
word itself is French in origin and if interpreted in its literal
context means "between jobs". It is interesting that a word that has
come to project the very pinnacle of success should have such mundane
roots as a means of describing being unemployed.

This article examines a number of concepts that appear intrinsic to what constitutes entrepreneurial spirit

1. Uniqueness

In
a highly developed global business community where new ideas and
business models are increasingly in short supply the importance of
uniqueness cannot be under estimated and those exhibiting an
entrepreneurial spirit are often associated with concepts that
encapsulate originality and ingenuity. Take for example, Steve Jobs
bringing the Apple IPOD to the market,

2. Creativity

Creativity
is heavily connected to uniqueness but the two are not identical.
Individuals with an entrepreneurial spirit are experienced at harnessing
the creative process to help them produce a unique product /service or
advantage. So where as uniqueness describes the end outcome, creativity
describes the process of how one achieves it. For this reason those with
an entrepreneurial spirit are often creative individuals who are ready,
willing and able to actively adopt new techniques to get ahead even at
the expense of being ridiculed by others.

3. Risk Taking

In
a western society that is so often risk averse, those with
entrepreneurial spirit embrace risk taking and it is impossible for such
a concept not to be associated with entrepreneurs and the often high
risk potential involved in following a new cutting edge approach. It
must be observed however that risk is not the same as recklessness and
those demonstrating an entrepreneurial spirit are likely to be adept at
assessing the risks involved in any undertaking.

4. Business Savy

As
highlighted previously those with entrepreneurial spirit should not be
considered as reckless mavericks indeed quite the opposite, good
entrepreneurs are motivated by profit and are skilled at identifying a
lucrative niche in the market that can be exploited for profit. Take for
example, Steve Jobs at Apple Computers who has successfully navigated a
profitable course in the computing and software industry despite the
market being dominated by Microsoft and IBM for a number of decades. In
addition he was the first to spot the potential of utilising the
computing industry to open a new market to the music fraternity , with
the introduction of the IPOD, the market leader in its business stream.
Such actions requires great skill and confidence and demonstrate a clear
entrepreneurial spirit.

5. Developing Potential

Identifying,
Investing in and nurturing potential are also essential to the ideals
attached associated with entrepreneurial spirit because of the need to
find differing solutions to a business problem.

Established
businesses often fail to discover breakthroughs because they stick to a
rigid investment formula that has worked for them in the past rather
than finding new ways of moving forward.

6. Adaptability

The
entrepreneurial spirit is always adaptable and ready to overcome
barriers presented by business problems and is usually quicker at
resolving those issues than mainstream business thinkers.

7. Ultimately Destructive

Entrepreneurial
spirit is ultimately destructive to its own business in the medium term
unless those engaged in utilizing the concept recognize when it is time
to handover to mainstream management focussed individuals who can
maintain and develop the organisation. This is because true
entrepreneurial spirit is obsessed with constant creativity and change
which is unsettling to employees without good management and a clear
direction. Many of those demonstrating entrepreneurial spirit rarely
stay long term in any enterprise they undertake, take Richard Branson
for example who after launching numerous businesses under the "Virgin"
brand has subsequently sold on many of these to third parties at a huge
profit to himself.

Summary

In conclusion whilst there
are certainly key characteristics which encapsulate the entrepreneurial
spirit it would be foolish to pretend that any one individual has all
those traits and even more foolish to believe that such a concept can be
comprehensively defined. It is also short sighted to believe that those
with entrepreneurial spirit are only evident in the business community,
indeed many different disciplines and vocations have historical and
existing individuals contained within them that could be essentially
described as entrepreneurs.